Saturday, April 15, 2006

Nothing Succeeds Like Exxcess

If you think rising oil prices are good for Alberta's economy, they were even better for the chairman of Exxon, who could have bought Alberta on his salary and bonus:

Lee Raymond, the chairman and chief executive officer of Exxon Mobil Corp., earned $144,573 for each day of the 13 years he served at the top of the oil company, according to a report in Saturday's New York Times.

Raymond, who retired from Exxon in December, received more than $686 million from 1993 to 2005, according to an analysis done for the paper by an independent compensation consultant.

Raymond received more than $400 million in the final year of his contract.

Granted, top executives should be paid well for the work they do. Their decisions can bring down a corporation, even an industry, and a good deal of the economy with it. And if they're raking in profits, they deserve their cut.

But what the hell can any one man do with $400 million a year? There are only so many ways to spend, invest or donate it. At some point, the money must just become an abstraction.

Heck, just give me his job for two weeks and I'll be set for life. Exxon's share price might tank since I don't know from oil, but what a great two weeks it will have been!

Source: Market Watch

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